Article

FOIL Update on Brexit after the referendum

Overview

To say that we live in interesting times is at present an understatement, with the Brexit referendum results causing great uncertainty and personnel changes within the UK government. However, legally nothing in the UK has changed since the Brexit vote, whilst the political ramifications of the Brexit vote still have a long way to run, and the commercial and financial consequences will not be known for some time.

This FOIL Update highlights the insurance industry’s initial response and the UK’s position following the Brexit referendum result.

Topics covered:• ABI statement.• What is the mechanism for leaving the EU?• What will be the UK’s future relationship with the EU?• What happens if terms of withdrawal are not negotiated within two years?• What happens if an agreement is reached?• The negotiations.• The impact on other Government business.